People throng banks to exchange old notes, take selfie with new notes

New Delhi: Huge rush and long serpentine cues were witnessed today at banks, which opened today after a day’s break, as people jostled to get lower denomination currency and new banknotes to pay for their daily basic needs.

With ATMs also shutting down soon after Prime Minister Narendra Modi on Tuesday night announced withdrawal of 500 and 1,000 rupee notes from circulation in a bid to flush out black money, citizens queued at banks to get the limited quota of cash that they are initially entitled to.

Only a few ATMs were working and most of them will be back in operation only tomorrow after the tedious job of removing the non-defunct banknotes and stocking them with lower denomination bills and new hard-to-fake Rs 500 and Rs 2,000 notes is completed.

People complained of having to wait for a long time before they could replace old higher denomination notes or withdraw from their bank accounts using pay-in slips or cheques.

Besides banks, select post offices were also replacing old high denomination (OHD) currency notes of Rs 500 and Rs 1,000 with new Rs 2,000 banknotes.

People seemed excited after getting new Rs 2,000 notes from banks and clicked pictures holding the new banknotes in their hands.

Some, however, complained of the restrictions placed on exchanging OHD and withdrawals from the banks. Many felt the government should have done all preparations, including stocking ATMs, before announcing the decision.

Only a maximum of Rs 4,000 per person in cash irrespective of the size of tender was being given per person after submission of valid identity proof. Anything over and above this value was credited to bank account.

Banks set up additional counters to change cash as also allow withdrawal from bank accounts through cheque or withdrawal slips with a ceiling of Rs 10,000 in a day within an overall limit of Rs 20,000 in a week (including withdrawals from ATMs) for the first fortnight i.e. up to November 24.

Once the ATMs are fully functional, withdraw up to a maximum of Rs 2,000 per card per day up to November 18, 2016 will be allowed. The limit will be raised to Rs 4,000 per day per card from November 19, 2016 onwards, bankers said.

Banks have been ordered to remain open on the weekend as well as function late till 9 PM for three days beginning today to deal with the huge rush.

At another branch of a private bank here, people complained that the banks did not put up notice outside to instruct people to bring the xerox copy of their ID proof.

“I was turned back by the clerk because I did not have xerox copy of ID proof, so I went back again. Bank should have put up the notice,” an irked customer said.

Today is the first day to exchange the notes after Prime Minister Narendra Modi announced two days back the scrapping of Rs 1,000 and Rs 500 notes, making them invalid for transaction post Tuesday midnight.

As per the Centre’s announcement, people can deposit any amount of the now invalid currency in their bank accounts till December 30 and also exchange them for lower bank notes at special counters at banks and post offices till November 24, but with a limit of Rs 4,000 per day.

Though people are getting new notes of Rs 500 and Rs 2,000 from the banks, some complained that the post offices in the city were not giving them new notes in exchange of the old ones.

Officials of the General Post Office (GPO) here said that the post offices were yet to get the new Rs 500 and Rs 2,000 notes.

“We are unable to exchange old notes with new notes, as we are yet to get those new notes. It may take one or two days. However, we are giving people Rs 100 notes against their old notes of Rs 500 and Rs 1,000,” said M J Rathva, an official at the city GPO.

Long queue outside banks, some taking selfie with new notes

Kolkata: Notwithstanding waiting in a long queue outside the banks since early morning, people in many parts of West Bengal were seen taking selfie with the new Rs 2,000 currency notes even as others complained of the hardships they faced to exchange the now-invalid currency notes of Rs 500 and Rs 1,000.

In Beliaghata area in the state capital, many stood in long queue in front of a nationalised bank to exchange old currency notes of Rs 1,000 and Rs 500 besides depositing and withdrawing money.

On the rush for depositing and withdrawing money, a person, who had been waiting in the queue since 8 AM, said there were apprehensions that there might not be adequate supply of new notes, which was refuted by bank authorities.

Bank officials said it would take some time to complete formalities for exchanging money but assured that there is adequate supply of notes.

Amid a large number of people thronging the banks, some suggested that the banks should have given tokens to save time.

“In that case we would not have to stand in queue for long, we could have done other works. Then there are old people also in the queue,” said a person who had been waiting in the queue since early morning.

After withdrawing money from a bank here, some people were seen taking selfie with the new Rs 2,000 currency notes.

Despite facing hardships, some people welcomed the Centre’s move to demonetise Rs 1,000 and Rs 500 currency notes.

There was an incident of minor scuffle in front of a bank in Howrah over entering the bank premises.

Banks have been asked to be open on weekends including Sunday to deal with the situation. The ATMs will resume functioning from tomorrow but there is a limit of withdrawal of Rs 2,000 per day which is expected to be increased in coming week.

PTI